Coro Energy PLC Termination of SPA re Italian Disposal (6780U)
July 31 2020 - 1:00AM
UK Regulatory
TIDMCORO
RNS Number : 6780U
Coro Energy PLC
31 July 2020
This announcement contains inside information
31 July 2020
Coro Energy plc
("Coro", the "Company" or together with its subsidiaries the
"Group")
Termination of agreement to dispose of Italian operations
Coro Energy plc, the Southeast Asian focused upstream oil and
gas company, announces the termination of the sale and purchase
agreement entered into with Zenith Energy Ltd ("Zenith") in
December 2019 ("SPA") relating to the proposed disposal by Coro of
its entire Italian Portfolio (the "Disposal").
Completion of the Disposal was conditional on, inter alia,
receipt of Italian regulatory approvals prior to a long stop date
under the SPA of 31 July 2020, which will not be achieved. The SPA
allowed for a possible extension of the long stop date to 31
October 2020 upon written request by Zenith and supported by
reasonable documentation or other reasonable evidence demonstrating
that Zenith had promptly throughout filed all necessary
applications and related supporting documents and taken all other
actions necessary to obtain all necessary approvals. Both parties
have agreed that the likelihood of successfully completing the
Disposal prior to 31 October 2020 is low, and therefore the SPA has
been terminated by mutual agreement between the parties.
The Company will continue to prioritise the divestment of its
non-core Italian operations, and further updates will be provided,
as appropriate, in due course.
Coro Energy plc Via Vigo Communications
James Parsons Ltd
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Mirabaud Securities Ltd (Joint Broker) Tel: 44 (0)20 3167 7221
Peter Krens
Ed Haig-Thomas
Canaccord Genuity Ltd (Joint Broker) Tel: 44 (0)20 7523 4617
Henry Fitzgerald-O'Connor
James Asensio
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END
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